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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Government Just Admitted It Doesn't Really Try to Collect Rich People's Taxes
By some estimates, the wealthiest 1 percent of Americans manage to avoid paying about a quarter-trillion dollars of owed taxes every single year. Now, new government data show that audits of the super-rich and large corporations have hit a new low, leaving billions of dollars of uncollected taxes at precisely a moment when lawmakers say new revenue is needed to fund infrastructure and climate investments.
In response, two progressive Democratic lawmakers have authored legislation cracking down on tax evasion.
The new Internal Revenue Service figures compiled by Syracuse University researchers show that in the last eight years, there has been a 72 percent drop in the number of audits of those making more than $1 million. In all, 98 percent of those making more than $1 million did not face an audit last year.
There has also been a 55 percent drop in the number of audits of America's largest corporations. In 2012, almost all corporate giants were audited. In 2020, however, almost two thirds of those corporations were not subjected to audits.
https://www.msn.com/en-us/money/taxes/the-government-just-admitted-it-doesnt-really-try-to-collect-rich-peoples-taxes/ar-BB1eNfcv?li=BBnb7Kz
wcast
(595 posts)People like Trump get away with being financially shady and are supported by politicians, tax collectors and bankers. They rarely get caught.
WarGamer
(12,444 posts)because she had a few girls walking dogs for her but didn't 1099 them.
But no resources to chase Billionaires?
mvd
(65,173 posts)I almost didnt get the second payment and havent gotten the third yet. My mom is the same way. Maybe if there is a fourth payment, Biden and Yellen can do enough to make a difference.
Also, they wont audit the rich but demand payment from the middle class.
elleng
(130,902 posts)I_UndergroundPanther
(12,470 posts)Rich people. We need to expect more of them as people than money gatherers and quit treating them as privleged.
We want an equality based society that means rich people will need to be be subjected to the same standards of behavior, expectations and laws we all are subjected to.
Rich people are not "special".and should not be treated as such.
2naSalit
(86,608 posts)WarGamer
(12,444 posts)There are PLENTY of DEMS complicit in all this.
We already know about the Repubs... and their dislike of taxation.
But there are a LOT of DEMS who get their bread buttered by Billionaires and do their bidding.
On taxes... I trust approximately TWO Senators.
Elizabeth Warren and Elizabeth Warren.
Oh yeah, that's one.
FakeNoose
(32,639 posts)... and some wealthy Dems are complicit.